SEC Charges Two Individuals in $909 Million Ponzi Scheme
The SEC alleged that Joseph Bayliss, a licensed general building contractor, and Ronald Roach, a certified public accountant and investment adviser, orchestrated a massive Ponzi scheme that raised over $900 million between 2011 and 2018.
According to the SEC’s Complaint, investors were induced to invest in tax-credit investment contracts and sale-leaseback investments with promises of returns via tax credits, guaranteed lease payments, and profits from mobile service generators’ operations. But the SEC alleges that thousands of the so-called profitable generators were never even manufactured, let alone put into use. The SEC further claims that the vast majority of payments to investors came from new investor funds (rather than from actual lease payments) in a classic Ponzi scheme.
The SEC asserted that Bayliss gave false inspection certificates for generators that he never inspected or that didn’t even exist. Roach purportedly issued reports falsely reflecting substantial revenue from fictional leases.
The Defendants have agreed to settle the SEC’s charges, with monetary relief to be determined by the court in the future.
Please contact one of our Business Trial Group attorneys if you were victimized by this Ponzi scheme. If a third party recommended that you invest in the scheme, you may have valid claims to pursue against that third party. Attorneys Jared Levy (561-812-1541) and Aiman Farooq (954-327-3041) will be happy to discuss your potential claims.
The Business Trial Group at Morgan & Morgan helps investors recover their financial losses on a contingency basis. You will never be charged hourly fees or expensive retainers. We are only paid if we successfully recover money for you.
The Business Trial Group is part of the largest contingency law firm in the nation, with more than 500 lawyers and 50 offices. We regularly battle against brokerage firms, investment advisory firms, and banks, and have helped investors recover tens of millions of dollars of investment losses.